TSX hits 1-month low on risk aversion, lower oil prices

11 Agosto 2017, 10:11 | Gervasio Siguenza

Swinging between war and peace: A day in Korea's Panmunjom

On the currency markets, the pound was down to a three-week low against the USA dollar but mainly due to earlier disappointing output and trade data. Only utilities sector stocks eked out a gain on a day of mostly listless trading as investors kept an eye on the latest company earnings and geopolitical news.

At 2:00 pm ET, U.S. Federal Reserve's monthly budget statement for July is scheduled to publish.

"If war erupts, it's impossible to say where it goes from there", said Michael Armbruster, managing partner at brokerage firm Altavest. The Dow slid 33.08 points, or 0.2 percent, to 22,085.34.

The CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its highest since the election.

Bond prices were little changed.

Benchmark US 10-year notes rose 9/32 in price to yield 2.2494 per cent, from 2.282 per cent late on Tuesday. Along with a bigger set of maneuvers held every spring, the exercises are routinely met by strong condemnation and threats of countermeasures from North Korea.

Charter Communications rose 2.9 percent on news Altice is exploring a bid for the cable giant. "When earnings are not beating expectations there's a sell off in the companies, and we're just not seeing that money reinvested because of the geopolitical risks".

LACKLUSTER QUARTER: Office Depot sank 24.5 percent after the office supply company's second-quarter results fell short of Wall Street's projections. The stock fell $3.30 to $30.09. The stock lost $5.23 to $101.75. The trend appeared to overshadow strong quarterly revenue growth in the quarter.

Priceline Group dropped 8 percent after issuing a profit forecast that was weaker than analysts were expecting.

The Nasdaq is up 969.21 points, or 18 percent. Banks and department store shares also were among the big decliners.

Gold prices jumped $13.20 to $1,292.50 U.S.an ounce. Amazon shares finished down 2.6%. The September copper contract was down two cents to US$2.91 a pound.

The dollar slipped to as low as 109.11 yen in early Asian trade on Friday, its lowest level since June 14, when the greenback had fallen to as low as 108.81 yen. The euro strengthened to $1.1756 from $1.1752.

Markets overseas were mixed Tuesday. The Dow Jones industrial average slid 204.69 points to 21,844.01, just shy of its low point for the day.

They were down 0.7 percent at $48.24 per barrel, on track for a weekly loss of 2.7 percent.

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